Small amount of Teachers Pension in Final Salary

Lil_Deb

Hello.  Like many people, I'm a bit confused with this scheme. I've been in and out of the TP over the years and my cumulative pension is made up of elements of both final salary and career average.  I'm 62 and need to wait until 67 to be able to retire as my TP is not enough to live on but will supplement the state pension.

On my statement, there is an amount of approx £2,000 annually in the final salary section, with a £5,000 lump sum.  It says this can be claimed from 60 years of age.

As this is frozen and won't accrue anything, will I be penalised by claiming it now at 62? I intend to leave the career average amount alone, to accrue for the next five years.

Thanks.

Lil_Deb

Update.

I've had advice from TP and a financial advisor and I can indeed claim the final salary element whilst leaving the career average to accrue. Trouble is I'm having difficulty finding a form to claim this. I've already lost out on nearly £4k worth of payout in the last 2 years trying to sort this out. Anyone had similar and can help?

eastcorkram

Lil_Deb said:

Update.

I've had advice from TP and a financial advisor and I can indeed claim the final salary element whilst leaving the career average to accrue. Trouble is I'm having difficulty finding a form to claim this. I've already lost out on nearly £4k worth of payout in the last 2 years trying to sort this out. Anyone had similar and can help?

Please let me know if you find a way of claiming it online. See my TPS thread I posted earlier today!